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Oil Getting HAMMERED!; entered at 2012-05-30 19:51:07

Guydaley
Posts: 15320
Registered: 2007-07-10 Wyoming only ATM

http://www.bloomberg.com/news/2012-05-30....

Quote:

Oil tumbled to a seven-month low on speculation that U.S. crude stockpiles climbed to the highest level since 1990 and as the euro weakened on concern that the debt crisis will overwhelm Spain.

Oil for July delivery fell $2.94 to $87.82 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 21. Prices have decreased 16 percent this month, heading for the biggest drop since December 2008.

Hmmm, highest level since 1990? I guess it did that in the last month or six weeks because WTI was $104 a very short time ago. Sure makes you wonder about people stuck on the supply and demand meme. Credibility? Less than zero.

2012-05-30 19:51:07


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